16 September 2008
Dear Colleagues, One of my client has adjusted creditors “A” of more than Rs.5 lacs agaist debtors “B” As a tax auditor is it my duty to report the same in 3CD as payment otherwise than through Account payee chq Regards c.a.paresh zatakia
16 September 2008
Yes, it should be reported. Liability in this case has been squarred up by adjusting the debit standing in another account; this amount to a payment otherwise then account payee cheque or DD.
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